Inventory Types and Effective Stock Management
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Inventory: Key Products Waiting for Use
1. The STOCKS: key products in a situation of waiting for later use.
2. Types of Stock
Depending on the degree of transformation of materials
Depending on the degree of transformation of materials:
- Raw materials: Goods, parts or components found in the warehouse expected to be transformed into products suitable for final use or consumption.
- Work in progress (WIP): Materials in intermediate manufacturing stages that are undergoing transformation. These are ongoing products that will progress from raw material to finished product and usually require inspection or quality control before reaching the finished product stage.
- Semi-finished products: Manufactured materials used by the business that are not yet for